Oklahoma § 60-651.1 - Sum payable on traveler's check, money order or other

§ 60-651.1. Sum payable on traveler's check, money order or other

similar written instrument - Presumption of abandonment.

(a) Subject to subsection (d) of this section and except as

hereinafter provided, any sum payable on a travelers check that has

been outstanding for more than fifteen (15) years after its issuance

is presumed abandoned unless the owner, within fifteen (15) years,

has communicated in writing with the issuer concerning it or

otherwise indicated an interest as evidenced by a memorandum or

other record on file prepared by an employee of the issuer. No

travelers check shall be presumed to be abandoned if the holder has

sent a statement or other business communication concerning the

travelers check to the owner by first-class mail and the statement

or other business communication has not been returned for inability

to make delivery to the addressee. The fifteen-year abandonment

period shall begin to run when any statement or other business

communication to the owner has been returned as undeliverable, or on

the last date that the owner has communicated with the holder in any

of the ways specified in this subsection, whichever is later. For

purposes of this section, the issuer shall be the entity responsible

for the payment of the travelers check.

(b) Subject to subsection (d) of this section, any sum payable

on a money order or similar written instrument, other than a thirdparty bank check, that has been outstanding for more than seven (7)

years after its issuance is presumed abandoned unless the owner,

within seven (7) years, has communicated in writing with the issuer

concerning it or otherwise indicated an interest as evidenced by a

memorandum or other record on file prepared by an employee of the

issuer.

(c) A holder may not deduct from the amount of a travelers

check or money order any charge imposed by reason of the failure to

present the instrument for payment unless there is a valid and

enforceable written contract between the issuer and the owner of the

instrument pursuant to which the issuer may impose a charge and the

issuer regularly imposes such charges and does not regularly reverse

or otherwise cancel them.

(d) No sum payable on a travelers check, money order, or

similar written instrument, other than a third-party check,

described in subsections (a) and (b) of this section may be

subjected to the custody of this state as unclaimed property unless:

Oklahoma Statutes - Title 60. Property

(1)

the records of the issuer show that the travelers

check, money order, or similar written instrument was

purchased in this state;

(2) the issuer has its principal place of business in this

state and the records of the issuer do not show the

state in which the travelers check, money order, or

similar written instrument was purchased; or

(3) the issuer has its principal place of business in this

state, the records of the issuer show the state in

which the travelers check, money order, or similar

written instrument was purchased and the laws of the

state of purchase either do not provide for the

escheat or custodial taking of the property or its

escheat or unclaimed property law is not applicable to

the property.

(e) Notwithstanding any other provisions of this act,

subsection (d) of this section applies to sums payable on travelers

checks, money orders, and similar written instruments presumed

abandoned on or after February 1, 1965, except to the extent that

those sums have been paid over to a state prior to January 1, 1974.

Added by Laws 1991, c. 331, § 2, eff. Sept. 1, 1991.